tumi holdings inc (T8U) Details

Tumi Holdings, Inc. designs, produces, and markets a range of travel and business products, and accessories. It operates in four segments: Direct-to-Consumer North America; Direct-to-Consumer International; Indirect-to-Consumer North America; and Indirect-to-Consumer International. The company provides wheeled travel products and soft styles without wheels comprising satchels, garment bags, boarding totes, and cross-body bags; and business cases, including wheeled business cases, backpacks, messenger bags, day bags, and totes. It also offers accessories comprising agendas and planners, passport cases, mobile covers, umbrellas, and travel accessories, such as electric current adapters, key fobs, packing accessories, toiletry kits, and foldable travel totes; and belts, outerwear, sunglasses, and eyewear. The company sells its products through a network of company-owned full-price stores and outlet stores, partner stores, concessions, shop-in-shops, specialty luggage shops, high-end department stores, and e-commerce distribution channels. As of December 31, 2014, it distributed its products through approximately 1,800 points of distribution in approximately 75 countries. Tumi Holdings, Inc. was founded in 1975 and is headquartered in South Plainfield, New Jersey.

tumi holdings inc (T8U) Key Developments

TUMI Holdings, Inc. Announces Executive Changes

Jun 22 15

TUMI Holdings, Inc. announced the appointment of New York designer Michael Petry as its new Creative Director as of July 1, 2015. Prior to joining TUMI, Mr. Petry held the position of Senior Vice President and Creative Director at The Frye Company since 2007. In his previous role at The Frye Company, Mr. Petry was able to organically grow the brand, making Frye a leader in the global marketplace, as the brand reached all-time highs in footwear, handbags and accessories during his tenure. Mr. Petry will be responsible for TUMI’s strategic creative direction, ensuring alignment on all product related initiatives, design processes and business objectives that advance the overall brand strategy. Additionally, he will provide global leadership on visual merchandising and store design, while upholding the high integrity of the brands’ identity to remain consistent with the expectations of TUMI’s customers worldwide. Mr. Petry will report to Chief Executive Officer and President, Jerome Griffith. Mr. Petry succeeds TUMI’s current consulting Creative Director, George Esquivel.

Tumi Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 29, 2015; Revises Earnings Guidance for the Year 2015

May 6 15

Tumi Holdings, Inc. announced unaudited consolidated earnings results for the first quarter ended March 29, 2015. For the quarter, the company's net sales were $110,461,000 against $108,602,000 a year ago. Operating income was $9,563,000 against $13,381,000 a year ago. Income before income taxes was $9,806,000 against $13,024,000 a year ago. Net income was $6,374,000 or $0.09 basic and diluted per share against $8,153,000 or $0.12 basic and diluted per share a year ago. Operating income before costs associated with the cost reduction program was $12.1 million against $13.4 million a year ago. Net income before costs associated with the cost reduction program was $8.0 million or 0.12 diluted per share against $8.2 million or 0.12 diluted per share a year ago.
The company is revising its guidance for 2015. The company now expects net sales to increase between 6% and 9%, and diluted earnings per share for fiscal 2015 to be between $0.90 and $0.95. This assumes a foreign currency impact on net sales of approximately $13 million, and on diluted earnings per share of approximately $0.05, assuming prevailing exchange rates. The Company continues to expect this cost reduction program to result in annualized savings in operating expenses of approximately $3.5 million. These estimates assume total comparable store sales growth in the low to mid-single digits, diluted weighted-average common shares outstanding of approximately 67.9 million, and an effective tax rate of 35.0%. Capital expenditures for fiscal 2015 are expected to be in the range of $35.0 million to $40.0 million.

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